Huatai Securities: The profitability of glass fiber companies continues to improve, and new production capacity is gradually being released.

The Huatai Securities research report pointed out that the price of fiberglass hit bottom and rebounded in the first quarter of 2024. The overall profitability of fiberglass companies showed a gradual improvement trend throughout 2024, and with prices and profits recovering, construction of new production lines will gradually commence. In 2024, the industry's new production capacity will reach 773,000 tons, an increase of 89% year-on-year. By the end of April 2025, the domestic fiberglass CR5 reached 74%, basically stable year-on-year, and the supply pattern remains stable and concentrated. In 2025, the industry's continued price recovery is expected to drive improvements in the profitability of fiberglass companies year-on-year. With the continuous expansion of leading companies' production capacity, market share is expected to continue to increase.